Not for Profit Update

Update

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CHARITIES: THE NEW ACCOUNTING REGIME

The new accounting regime, which converges UK accounting with international accounting standards, is due to be implemented for accounting periods commencing on or after 1 January 2015. For charities with a 31 March year end, the 2015/16 year will be the first prepared under the new standard. Existing UK accounting standards are being replaced by a new single standard, Financial Reporting Standard (FRS) 102 and an updated Charities SORP has now been issued.

The requirement for employers to set up workplace pensions is gradually being implemented with smaller organisations coming into the regime between June 2015 and April 2017. We have drafted a Quick Guide which answers some of the frequently asked questions.